Who needs a credit rating anyway?

Usury_up_and_wear_it_out

Since the lenders have tightened their criteria and the majority of us Joe Public types have little or no chance of getting any more credit for the foreseeable future, why don't we all just stop paying our credit card bills?

It takes six years for a bad credit mark to disappear from the end of our credit rating and they reckon we are going to be in recession for the next 10 years? Get your life back, you have already paid.

The equity has washed from property making bankruptcy a more viable option, IVA's are the greatest con on earth, another overlooked miss-selling scandal, DMP's run by the same money grabbing monsters, bankruptcy is the only worthwhile exit route for many in debt.

How long would it take for a credit card company to fold if everyone of its card holders stopped paying?

What has Gordon Brown done for mortgage holders on fixed rates that need help, we need to set all mortgage interest rates at a manageable 2% for all and sundry, there is no such thing as a sub prime mortgage holder, only a sub prime company charging extortionate rates, we need to fix mortgages and penalise on early exit.

Lets face it, if we all stopped paying our credit card usury rates they would suffer the same fate as a lot of our 0% stoozers are facing on this very forum, 0% cards will all disappear, we need to realise the tide has turned on the banks, middle England is heading for massive unemployment, we now have the opportunity to say no, we now need to tell the banks what we are willing to pay, and we need them to come cap in hand to us.

Discuss.

Usury_up_and_wear_it_out

Just getting on my new soapbox.

pepe2008

strange, but if you look back in History, usury is actually illegal.

immoral_angeluk

You really think that would work? I don't.

pepe2008

The fact is that the Banks have **cked up and we are going to pay for it whether we owe money or not.

in fact I feel smug that at the moment i have £60k of the Banks money on 0% interest and they have no way of forcing my hand as the property market is so rubbish! Long may the 'recession' continue, it'll keep prices down ultimately. I could do with 5 years

Apologies for those who have employment issues.

i only hope that this all leads to Banking Controls as were in place until the 90's...that will control their greed.

Usury_up_and_wear_it_out

Thanks Pepe, I do have trouble getting my ideas across sometimes, the banks run to the gov and get massive handouts, when we screw up we get clobbered. Any ideas on how long a card company would last if we all stopped paying? I reckon 2 weeks.

pepe2008

Usury_up_and_wear_it_out wrote: »

Thanks Pepe, I do have trouble getting my ideas across sometimes, the banks run to the gov and get massive handouts, when we screw up we get clobbered. Any ideas on how long a card company would last if we all stopped paying? I reckon 2 weeks.

the big, bank-owned ones are cash-cows. the smaller ones are completely founded on borrowings......turn off the tap and then?

Same with the pay-day-loan-sharks!

Usury_up_and_wear_it_out

What is MBNA's position?

pepe2008

Part of Bank of America, just about the biggest card provider in th UK.
Still offering 0%tfrs to 2010, so plenty of cash there then....all waiting for the unsuspecting 'oh I'll just use it once' brigade.

woodyl666

I got into severe debt in 2005 (over £30,000) with various loans and credit cards. I couldn't pay so had to go for the option of offering between a £1 and £10 for each debt. They all refused put the debts into default and sold them on. The new companies have accepted the payments which have now increased up to £10 to £25 but still no interest!

So ultimatly if you don't pay you may have a good chance of getting the interest rate frozen. I am now trying to save up to make settlement offers on the cards as why not take the credit rating hit for upto 50% savings :j

Usury_up_and_wear_it_out

Nice one woody, they are all desperate at the moment.